Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

See attached work book accounting 1 please do questions 1-3 for journal transaction posting journal entries to t-accounts Rec Group A P2a29A Journalizing transactions, posting

See attached work book accounting 1 please do questions 1-3 for journal transaction posting journal entries to t-accounts

image text in transcribed
Rec Group A P2a29A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Vincent anwoml practices medicine under the business title Vincent Yarwood. M.D. lhitiiig july. the medical pmctice completed the Following transactions: m m mw4w Jul. 1 Yarwood contributed $638,000 cash to the business in exchange for capital. 5' Paid monthly rent on medical equipment, $550. 9 Paid $l7,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $l,800. 19 Borrowed $24,000 from the bank for business use. 22 Paid $l,7OO on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $290 31 Revenues earned during the month included $6,000 cash and $5,500 on account. 31 Paid employees' salaries $2,000, office rent $l,OOO, and utilities $550. Record as a compound entry. 31 The business received $l,260 for medical screening services to be performed next month. 31 Yarwood withdrew cash of $7,400. M The business uses the following accounts: Cash; Accounts Receivablc; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; N0tes Payable; Yarwood, Capital; Yarwood, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. {equirements l Journalize each transaCtion. Explanations are net required. 2. Post the journal entries to the Tvaccounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bail. ' > .3 Prepare the (trial balance of Vincent Yarwood, MD, as ofluly 31, 2017. v

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1-24

Authors: Tracie L Nobles, Cathy Scott

11th Edition

1111528306, 978-1111528300

More Books

Students also viewed these Accounting questions

Question

Relax your shoulders

Answered: 1 week ago